tips: Job Growth Remains Steady - 04/01/16 04:03 AM
The Bureau of Labor Statistics reported on Friday that Non-farm Payrolls rose by 215,000 in March, above the 200,000 expected, though down from the 245,000 created in February. Within the report it showed that the Unemployment Rate edged higher to 5 percent from 4.9 percent.
The positive report signals that despite global economic woes, job growth here in the States remains solid.

tips: Buyer used his pay to purchase a home! Check out this success story! - 12/14/15 12:33 AM
Check out this success story!  A little known tip which licensed Real Estate Agents can take advantage of is using their commission as down payment for the purchase of their own home.We just had a closing on new construction for a buyer using near the loan size limit for an FHA loan (County limit is $271,050) and his real estate commission from the sale was used as his down payment.  Usually lenders are required to prove down payment in the buyer’s bank account during the underwriting stage of the file but these commission funds are not even available until the purchase has closed, funded, and recorded.  So this … (4 comments)

tips: Watch out for the Holidays and what they can do to your credit scores! - 12/08/15 01:27 AM
“Do you want to put that on your charge card for a special discount?” or “If you open a charge card with us, you will save 30% off of today’s purchase!” is what you will hear at every department store you visit over the holidays.  Sounds great, right?Not when it comes to credit scores!  There are several ways that opening a new account and then charging your purchase on the card can lower your credit scores.  You would not believe how much a new $300 card with a $270 charge can do to your credit scores!
Here are the top ways a holiday trip to the … (0 comments)

tips: Credit Tricks for Buying a Home! - 12/07/15 02:40 AM
Do you have limited, but good credit and want to buy a home with little to no money down?Our USDA guaranteed loan guidelines will allow for us to add nontraditional credit to a thin credit file in order to get approval for the buyer.
Check out these 2 USDA loan approvals for very limited, but good credit buyers that needed 100% financing.  Here are two scenarios below in which we were able to help:Buyer # 1:
First time buyer with very limited credit experience Only one trade line (a student loan) reporting on credit Rent paid on time for over a year Car insurance … (0 comments)

tips: Third Quarter Gross Domestic Product Revised Higher - 11/25/15 01:48 AM
The Bureau of Economic Analysis reported on Tuesday that the second reading for economic growth in the third quarter was revised higher from the initial reading, led by a buildup in inventories. Gross Domestic Product rose to 2.1 percent from 1.5 percent originally reported, but well below the 3.9 percent recorded in the second quarter. Within the numbers it showed that consumer spending edged lower, though still remains a brisk pace of 3 percent.
Gross domestic product is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.

tips: What are the Robeson County, NC 2015 Town Property Tax Rates? - 11/25/15 01:30 AM
What are the Robeson County, NC & Town Property Tax Rates?If you are looking to purchase a home in Robeson County NC, you can research the property tax rates, tax bills, and values here. 
Search for Robeson County, NC deeds and other real estate public records
Look up property tax value or tax bills here
Tag fees: Lumberton: $10, Fairmont: $3.00, Town of Red Springs: $5.00
Tax Rate (multiply value times rate as %). For Example:  $100,000 value x .0077 = $770
* make sure that you include the county tax and the applicable town or fire district tax
Click here for the most recent year’s property tax rates for … (1 comments)

tips: Limited credit experience and how to be prepared up front - 11/23/15 11:06 PM
A fairly common occurrence and potential roadblock to home ownership these days are prospective buyers having very limited traditional credit and having borderline credit scores in the 580-639 range. We have been successful many times in building a strong file to present to underwriting to overcome the shortcomings of the file.6 Best Tips for Limited Credit Buyers to Have Success in Purchasing a New Home! Go ahead and apply with us so we know the details to help you best Write down every account in your name paid at least 12 months – These could be used as “alternative credit” Pay … (0 comments)

tips: What to do with those old credit cards that could help interest rates - 11/23/15 10:49 PM
When you are looking to raise your credit scores quickly, showing some love to that old card in the back of your wallet could get the points you want!Credit card usage and their affect on credit scores is the most misunderstood credit reporting topic among Americans and often we will hear someone say things that will most of the time negatively affect scores a lot such as:
“I just closed all of my credit cards” “I just lowered my credit limits on all of my cards” “I don’t have credit cards because they will hurt my credit” “I forgot all about my … (1 comments)

tips: Home Builder Sentiment Slips in November - 11/18/15 12:01 AM
The National Association of Home Builders (NAHB) Housing Market Index slipped in November to a reading of 62, down three points from the upwardly revised 65 in October. Readings above 50 are considered positive sentiment among home builders. The 62 is up from the 58 in November 2014.
"The November report is a pullback from an unusually high October and is more in line with the consistent, modest growth that we have seen throughout the year," said NAHB Chief Economist David Crowe. "A firming economy, continued job creation and affordable mortgage rates should keep housing on an upward trajectory as we approach … (0 comments)

tips: October Retail Sales Disappoint - 11/13/15 03:22 AM
Consumer spending slowed in October, as evidenced by weaker than expected sales at retailers across the country. The Commerce Department reported that Retail Sales in October rose by a scant 0.1 percent, below the 0.3 percent expected. Sales at gas stations, auto dealers and grocery stores declined. Cheaper gas prices haven't been able to propel consumer spending higher. Savings at the pump could be taking a detour and are being spent on rent costs, which continue to increase.

tips: Job Creations Jump in October - 11/09/15 01:42 AM
The Labor Department reported on Friday that U.S. employers added 271,000 new workers in October, well above the 181,000 expected and up from the lower numbers seen in August and September. The report showed hiring across many sectors of the economy. The Unemployment Rate fell to 5 percent, the lowest level since April 2008, just before the Great Recession.
The strong number could push the Fed to raise interest Rates next month at the FOMC meeting.

tips: U.S. Economic Growth Slows - 10/29/15 02:51 AM
The Bureau of Economic Analysis reported on Thursday that the first reading on third quarter economic growth slowed mainly due to a decline in restocking warehouses. Gross Domestic Product grew at a 1.5 percent pace in the third quarter, down from 3.9 percent in the second quarter and just below the 1.6 percent expected. However, within the report it showed that the consumer spending component was up 3.2 percent after a 3.6 percent increase in the second quarter, a bright spot.
After nearly $5 trillion dollars in stimulus since 2008, the economy is stuck in 2 percent growth, which is nothing to … (1 comments)

tips: September Existing Home Sales Surge - 10/23/15 12:52 AM
September Existing Home Sales beat expectations and rose 4.7 percent from August to an annual rate of 5.55 million units, according to the National Association of REALTORS®. Year over year, sales are up nearly 9 percent. All four major regions of the country experienced sales gains.

tips: Using a Pastor's Housing Allowance to Qualify for a Mortgage Loan - 10/21/15 02:45 AM
Does anyone understand how to count Pastoral Housing Allowance Income in order to obtain a mortgage loan to purchase a home in NC, SC, VA, or GA?You are going to say “Amen, it’s about time someone understands my income!” because we do understand pastor, priest, or reverend income and it is a little understood income among mortgage lenders.
Here is the definition of Pastoral Housing Allowance and other income plus how we can approve VA, FHA, USDA, and conventional mortgage loans with itThe IRS looks at the housing allowance portion of a pastor’s income as an exclusion from income. Therefore the housing allowance is not reported … (0 comments)

tips: September Housing Starts Jump - 10/21/15 01:21 AM
New home construction jumped in September after declines in the two previous months. The Commerce Department reported that September Housing Starts rose 6.5 percent from August to an annual rate of 1.206 million units, above the 1.150 million expected. The report went on to reveal that single-family housing starts rose modestly, while multifamily units surged 17 percent. Building Permits, a sign of future construction, fell 5 percent.

tips: Understand Why and When Flood Insurance is Required on a Purchase - 10/13/15 12:04 AM
It is a given that every coastal Realtor, insurance agent, & mortgage lender should be familiar with flood insurance but there are also plenty of non-coastal properties in flood hazard areas because of being located near a river, lake, or in a low lying area where water can rise.  Below we asked a local flood insurance expert some of the most popular questions we hear from buyers and realtors.Every hurricane season that comes around, the topic of flood insurance spikes and this year was no different with the heavy rains the east coast received during the near miss of hurricane Joaquin.  So … (0 comments)

tips: Fayetteville, NC realtors, sign up for "Financing Dreams Class" for CE - 10/07/15 12:41 AM
Realtors local to Fayetteville can complete 4 hours of Continuing Education on November 12th, 2015 which will be offered by Team Move OVM and NC Housing Finance Agency.Sign Up Here Products explained in the class will include: 15,000 Special Down Payment Assistance Product Available to Cumberland County! MCC Tax Credits up to $2000 per year for qualifying first time home buyers. Click here to see the Household Income Limits for the MCC Tax Credit Down Payment Assistance programs for first time and move up buyers Details of the 4 hour “Financing Dreams Class” class which could be used as 4 hours of … (0 comments)

tips: Home Price Gains Continue - 10/06/15 03:13 AM
Home prices, including distressed sales, rose 6.9 percent in August 2015 from August 2014, due in part to higher demand along with constrained supplies. In addition, an improving job market and an uptick in wage growth in the last year, coupled with historically low mortgage rates, are further strengthening home sales and home price gains. July to August saw a 1.2 percent gain. CoreLogic forecasts that prices will rise 4.3 percent from August 2015 to August 2016.

tips: Foreclosure Prevention to Help Homeowners that have had Hardships - 09/28/15 04:03 AM
There are some great resources to avoid foreclosure now which include the NC Foreclosure Prevention Fund, the Hope Hotline, and the VA Compromise Sale program.So if you are facing foreclosure, there is help.  The first thing to do is realize that this happens to a lot of homeowners and don’t be afraid to ask for help.  These programs are real but some are mortgage product or state specific.  So let’s break down these wonderful free products available to homeowners.
NC Foreclosure Prevention Fund helps NC homeowners who are struggling to pay their mortgage due to job loss or other temporary financial hardship such as divorce, serious illness or death … (0 comments)

tips: FHA changes many guidelines as of 9/14/15 that can hurt or help buyers - 09/24/15 12:17 AM
Below are the FHA guideline changes effective for FHA case file numbers assigned on or after September 14, 2015.
Below are the topics and the new guideline language which replaces the prior rules often because the prior rules were not specific enough.
Assets:  This section applies to anything pertaining to documenting assets on an FHA loanGift funds – documenting transfer:Requires donor’s bank statement, showing withdrawal of funds.
Earnest Money:Document source of funds if amount exceeds 1% of sales price, or appears excessive based on borrower’s savings history.
Large Deposit Definition:For recently opened accounts and recent individual deposits of more than 1 percent of the Adjusted Value (lesser of purchase price minus inducements or the … (2 comments)

Russell Smith, Loan Officer Communication & Execution You Deserve (Blue Ridge Bank Mortgage) Rainmaker large

Russell Smith

Loan Officer Communication & Execution You Deserve

Wilmington, NC

More about me…

Blue Ridge Bank Mortgage

Address: 6303 Oleander Drive, Suite B-103, Wilmington, NC, 28405

Office: (910) 352-6344

Mobile: (910) 352-6344

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The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.




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